It is my pleasure to share with you the

third quarter edition of our Newsletter. It’s

always refreshing to reflect on our

achievements in the past nine months and

make adjustments on how to further

improve our future performance as an

office. No matter, how well we have

performed, there is always room for

improvement.

Admittedly, the third quarter of the year

marks the beginning of a crucial moment

for our Constituency, going forward.

During this quarter, there have been

two important meetings, which are very

relevant to our countries. These two

meetings were: (i) The 3rd International

Conference on Financing for Development

(FfD3) in the Federal Democratic Republic

of Ethiopia during July 13-16, 2015; and

(ii) the African Caucus Meeting held in

Luanda, the Republic of Angola during

August 27-28, 2015. I am pleased to report

that the United Nations (UN) endorsed the

Addis Ababa Action Agenda. This agenda

sent a strong message for a global change

on how international financial institutions

should support sustainable development.

In the case of Luanda’s Declaration, the

African countries relationship with the

Bretton Woods Institutions (BWIs) were

discussed and considered.

These two meetings reached very sound

decisions and proffered concrete

recommendations for the advancement of

development in Africa. Thanks to our

Governors, Alternate Governors and other

members of the delegations from our

Constituency for their active participation

and continued support for our role in these

activities.

One of the policy discussions in the

Executive Boards was the 2nd Draft of the

Environmental Social Safeguards

Framework (ESSF) in a changing global

environment. These Safeguards require

borrowing Governments to address certain

environmental and social risks in the

financing of development projects. This

draft will be used for further consultations

with our authorities before it is

implemented.

It is worth noting that both meetings

highlighted the critical need for our

countries to enhance Domestic Resource

Mobilization (DRM) in order to finance

our future development. In our view, the

call for enhanced DRM is not new, but

another reminder that we have to be

prepared to take ownership of our

economic development. It is time for us to

reassess our over-dependence on foreign

aid and other types of external financial

resources. Experience has shown that,

Message from the Executive Director

I n s i d e t h i s i s s u e :

Message from the Executive Director

1

Feature Story - Domestic Resource Mobilization for Financing Development: Relevance, Challenges and Opportunities

3

Highlights of the Third International Conference on Financing for Development

7

Highlights of the 2015 African Caucus Meeting

10

Highlights of the Executive Director Outreach Visits to Constituency Countries

14

Snapshot of

Approved Projects

(July –September,

2015)

18

Constituency -

Pipeline Projects

20

Africa Group I

Constituency List of

Governors and

Alternate Governors

23

AFRICA GROUP I CONSTITUENCY A NEWSLETTER FROM THE OFFICE OF THE EXECUTIVE DIRECTOR

3 r d Q u a r t e r , 2 0 1 5 V o l u m e 1 , I s s u e 3

Mr. Peter Larose, Executive Director

P a g e 2

while external assistance has been very helpful to our development, it is unlikely that the

current level of financial support will be adequate to meet our growing needs. In terms of

our infrastructure investments, it was argued in these two meetings that the elimination of

illicit financial flows to the tune of US$50 billion per annum can be used to fill the gap.

It should be no surprise that the financial resources to meet the Sustainable Development

Goals (SDGs) in the next 15 years is huge. And, therefore, we suggest that the foreign aid

and other external financial assistance should not be treated as a subject in isolation, but

complimentary to the DRM process. In this regard, we are pleased that the World Bank

Group (WBG) and other development partners have expressed their commitments to

increase the effectiveness of their assistance. We hope that through strong partnership

and collaboration with our partners, we can achieve greater prosperity for our

Constituency and Africa.

I am also delighted to report that during this quarter, the WBG has committed to recruit a

number of Sub-Saharan African (SSA) professionals to join the management team. There

is now a dedicated recruitment drive. This is a commendable and encouraging sign that

the institution is paying attention to our call to promote greater diversity. Our challenge is

to ensure that this commitment is turned into concrete action. I am very confident, that we

will make it happen in a grand way.

Last, but not least, it is the time of the year, when we approach the IMF/WBG Annual

Meetings 2015 to be held in Lima, Peru. As we embark on this journey, I believe that it is

also time to reflect on the way forward together.

To conclude, I must place on record that it has been truly a pleasure serving the interest of

our Constituency at the WBG Executive Boards with the support of my Alternate Executive

Director and all the staff. I will continue to lead our office with professionalism,

confidence and continue on a path to promote sustainable development in our

Constituency and Africa.

Thank you for your continued support and collaboration.

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 3

“Emphasis on

enhancing DRM in

the development

process by no

means trivializes

external resources,

but as it is argued

in this paper, in the

medium to long

run, its role would

be more beneficial

in a complementary

capacity relative to

its historical and

currently

associated

dependency

syndrome context”

Feature Story

Domestic Resource Mobilization for Financing Development: Relevance, Challenges and Opportunities

Financing for Development (FfD) has once again become a major topical issue in many

deliberations on development. Besides several recent studies on the issue1, FfD has also been

a focused concern at many conferences, with the most recent being the 3rd Conference on

Financing for Development held in Addis Ababa, Federal Democratic Republic of Ethiopia in

July 2015.2 In all of these conferences and studies, increasing efforts towards Domestic

Resource Mobilization (DRM) has been invariably cited as being an imperative for low

income countries in general and for African countries in particular to achieve their

development goals.

Emphasis on enhancing DRM in the development process by no means trivializes external

resources, but as it is argued in this paper, in the medium to long run, its role would be more

beneficial in a complementary capacity relative to its historical and currently associated

dependency syndrome context. This article briefly discusses the relevance, opportunities

and challenges of DRM in African countries. Its intent is to contribute to deliberations on

DRM and offer insights for more in-depth contributions.

The Relevance of Domestic Resource Mobilization (DRM)

The relevance of DRM will be discussed from two perspectives. The first is the limitations

and disadvantages of dependence on external sources of development financing. The second

is the critical importance of national ownership of the development process, which can be

best realized over time through increasing self-reliant financing relative to the perpetuation

of dependency on external resources.

From the first perspective, while most African countries depend on and have benefitted from

external capital inflows, primarily comprising Official Development Assistance (ODA)3,

external borrowing and Foreign Direct Investment (FDI), the nature of the benefits and their

impact on development are being increasingly questioned. The questions are mostly about

the quality, efficacy, volatility and predictability of the flow of these resources, as well as the

A F R I C A G R O U P I C O N S T I T U E N C Y

1For example these studies include Dalberg. “Domestic Resource Mobilization in West Africa: Missed

Opportunities”. (Study Commissioned by Open Society Initiative for West Africa), February 2015; Moore, Mike.

“Obstacles to Increasing Tax revenues in Low Income Countries” (A joint paper by the International Centre for Tax

and Development and the United Nations Research Institute for Social Development) December 2013; Mubiru,

Alex, “Domestic Resource Mobilization across Africa: Trends, Challenges and Policy Options,” African

Development Bank, 2010; OECD, “Domestic Revenue Mobilization in Fragile States”, 2014, (An OECD 2014 Fragile

States Report) 2Other conferences include the 2002 Monterrey Conference, the 2008 Doha Conference, the 2009 African Tax

Administration Forum, 2015 Rotterdam Conference, (Financing for Sustainable Development: from Billions to

Trillions. 3ODA may be defined as flows of official financing administered with the promotion of the economic development

and welfare of developing countries as the main objective, and which are concessional in character with a grant

element of at least 25 percent (using a fixed 10 percent rate of discount). By convention, ODA flows comprise

contributions of donor government agencies, at all levels, to developing countries (“bilateral ODA”) and to

multilateral institutions. ODA receipts comprise disbursements by bilateral donors and multilateral institutions.

P a g e 4

“...the call for a

general paradigm

shift from the

dependence on

external sources of

finance for African

development

towards the

enhancement of

domestic resources

in terms of

mobilization and

utility must be

seriously

considered by

relevant national

authorities and all

stakeholders”

tendency to intensify aid dependency and unsustainably heighten debt burden4. Empirical

studies and practical experience have found that foreign aid, export earnings and FDI inflows

are all discernibly volatile and subject to uncertainty. In addition, foreign aid is often

encumbered by intrusive and constraining conditionality. In the case of FDI, investors tend to

cater to their commercial interests, which may not be aligned with the recipient countries

development priorities. For example, many multinational and other foreign investors’

commercial interests tend to be in the production and export of natural resources. Such

investments usually create enclaves with little or no linkage with the rest of the economy.

There is also very little or no diffusion of technology. In some cases, they also cause long

lasting adverse damages to the environment. Furthermore, the derived export earnings, from

such investments, are often manipulated through illicit financial flows (IFF), misinvoicing and

other devious means. These unethical practices leave developing countries bereft of their full

legitimate income.

Many of these foreign investors have little or no interest in large scale agriculture,

agribusiness, manufacturing or other industrial and commercial activities vital for generating

progressively more robust economic growth. Such growth would significantly contribute to

ensuring food security, providing employment opportunities, financing infrastructure,

promoting capacity building, creating wealth, increasing income and promoting multiple

aspects of human development. In general, such potential results from growth are major

development priorities of African countries, but the contributions of FDI to them are far less

than its potential. What makes matter worse, as anecdotal evidence suggests, is that what little

resources accrue to the country from FDI are, in many cases, not efficiently allocated,

effectively utilized or transparently accounted for in the development process by those

entrusted with the responsibility.

From the above discussion, the call for a general paradigm shift from the dependence on

external sources of finance for African development towards the enhancement of domestic

resources in terms of mobilization and utility must be seriously considered by relevant national

authorities and all stakeholders.

The second perspective, the critical importance of national ownership of the development

process cannot be overemphasized. National ownership here refers to countries exercising

effective leadership over their development policies and strategies and in the coordination of

development actions. This necessitates effective participation. As the World Bank Institute

(WBI) correctly observes, “the emphasis on national ownership reflects the growing

recognition that donor-driven development assistance and technical solutions imported from

other countries were often ineffective in bringing about sustained change”.5 In essence,

national ownership is crucial as a foundation for the success of development programs.6 In this

context, according to the New Partnership for Africa Development (NEPAD):

A F R I C A G R O U P I C O N S T I T U E N C Y

4See Moyo, Damisa. Dead Aid; Peter Bauer, Development Aid: End it or Mend It; David A.Phillips, Development

Without Aid: The Decline of Development Aid and the Rise of the Diaspora; Roy Culpeper and Aniket Bhushan,

Domestic Resource Mobilization: A Neglected Factor in Development Strategy (A Background Paper prepared for

Workshop on Domestic Resource Mobilization in Sub-Saharan Africa. Entebbe, Uganda, May 27-28, 2008;) and

UNCTAD, Enhancing the Role of Domestic Financial Resources in Africa’s Development: A Policy Handbook. 5Smithers, Nicola, The Importance of Stakeholder Ownership for Capacity Building Results. The World Bank

Institute, May 2011, p.8. 6See the World Bank Independent Evaluation Group (IEG) Evaluation of Public Sector Reform. World Bank, 2008.

Cited in Smithers, 2011 op cit.

P a g e 5

“One way to

demonstrate the

true meaning of

empowerment and

self-reliance at the

national level is the

mobilization of

domestic resources

to finance national

development. To do

this effectively

requires developing

countries to meet

the inherent

challenges and seize

the opportunities”

“…the challenge is for the peoples and governments of Africa to understand that

development is a process of empowerment and self-reliance. Accordingly, Africans must

not be wards of benevolent guardians; rather they must be the architects of their own

sustained upliftment.” 7

One way to demonstrate the true meaning of empowerment and self-reliance at the national

level is the mobilization of domestic resources to finance national development. To do this

effectively requires developing countries to meet the inherent challenges and seize the

opportunities.

The Challenges and Opportunities for Domestic Resource Mobilization

Major domestic financial resources for development include taxation, money creation,

domestic borrowing and domestic savings, amongst others. The opportunities and

challenges of each of these domestic financing sources vary theoretically and empirically in

the context of individual countries. In general, suffice it to say that in many African

countries domestic revenue potential is hardly ever fully exploited. 8

The unfulfilled revenue potential is attributed to several factors including low national

income, low saving rates and the prevalence of large informal sectors, which savings are

mostly outside the formal financial sector. Thus savings data from the informal sector are

scarce or entirely not reflected in the national statistics.9 In the case of taxation, constraints

include narrow tax bases, inadequate administrative capacity, low tax efforts, complexity of

tax legislation and the political and economic behavioral dynamics of compliance. Taxation

constraints may also be attributed to tax policies designed to provide both incentives to

attract FDIs and tariff reduction to promote trade liberalization. Loopholes in such policies

may lead to substantial revenue losses. Other constraints are illicit financial outflows and

capital flights. Such outflows are generally substantial and likely to be more acute in the

case of countries facing fragile and conflict situations. On the whole the constraints are

exacerbated by a host of structural impediments in the economy and DRM process.

It is noteworthy that economic growth in many African countries is currently substantial. It

is also commendable that, in general, the authorities in these countries have transformative

visions and are strengthening the required political will to reduce poverty along a path of

sustainable development. This encouraging situation presents opportunities for

Government authorities, non-state actors and the general populace to galvanize their efforts

in deepening the ownership of their development process. Strengthening and building the

A F R I C A G R O U P I C O N S T I T U E N C Y

7The New Partnership for Africa's Development (NEPAD) Abuja, Nigeria 2001 P.6. 8See Moore, Mick, “Obstacles to Increasing Tax Revenues in Low Income Countries. (A joint paper by the

International Center for Tax and Development [ICTD]) and United Nations Research Institute for Social

Development (UNRISD); Walter W. Heller. “Fiscal Policies for Underdeveloped Countries”. Nicholas Kaldor,

Taxation for Economic Development, and Ursula Hicks, Development Finance. For detailed citation for Heller,

Kaldor and Hicks, see Barclay, Anthony, Fiscal Performance and Economic Growth: The Buoyancy of the Tax

Structure in Liberia, PhD Dissertation, University of Wisconsin-Madison, 1986. 9UNCTAD, op. cit.

P a g e 6

“African countries

should continue to

welcome external

financing, but such

financing should be

complementary over

time to the African

countries’ capability

to finance an

increasing share of

their development

aspirations. From

this perspective,

strengthening and

building capacity is

crucial”

capacity to enhance domestic resource mobilization would significantly accelerate the

process. Strengthening and building capacity refer to the empowerment of societal actors

through learning opportunities, knowledge and skills acquisition, information gathering and

sharing and taking innovative initiatives, in order to effect transformational and sustainable

change in institutions and the mindset of the people.11

Conclusion

This article has discussed only a birds-eye’s view of the relevance, challenges and

opportunities for enhancing domestic resource mobilization. It stressed the imperative for

African countries to wean themselves from the dependence on external financing. As

UNCTAD correctly states “in the medium to long term, the ability of African Countries to

finance an increasing share of their development needs from domestic sources would give

them the much needed flexibility in the formulation and implementation of policies that

address their economic, social and other developmental challenges”. 12

Implicitly, while it must be acknowledged that Africa’s development is the prerogative of

Africans, constructive African and the international community mutual engagement is

instrumental to the achievement of national, regional and global development goals. Thus,

African countries should continue to welcome external financing, but such financing should

be complementary over time to the African countries’ capability to finance an increasing

share of their development aspirations. From this perspective, strengthening and building

capacity is crucial. It is encouraging that the World Bank Group (WBG) is working with the

IMF to increase domestic resource mobilization as indicated by the President of the WBG in

his statement quoted in the box below.

Source: President Jim Kim World Bank Group President speech at the Third International Conference on Financing for Development Addis Ababa, Ethiopia

“In the effort to greatly expand financing for development, one of the most promising areas is to increase domestic resource mobilization. We are working with the IMF to help developing countries strengthen their tax systems through targeted technical assistance. Through this joint initiative, we will develop improved diagnostic tools to assess and strengthen tax policies and the effectiveness of fiscal revenue systems. More broadly, the initiative also aims to deepen the dialogue with developing countries on international tax issues. This joint effort builds on the Bank Group’s current tax programs in more than 48 developing countries and the Fund’s technical assistance projects in more than 120 countries.”

A F R I C A G R O U P I C O N S T I T U E N C Y

10 See OECD, “Domestic Resource Mobilization in Fragile States” (2014 Fragile States Report); S. Ibi Ajayi and

Leonce Nkikumana (Eds), Capital Flights from Africa: Causes Effects and Policy Issues, 2014; UNECA, Illicit

Financial Flows: Track It, Stop It, Get It, 2015 (Report of the High Level Panel on Illicit Financial Flows). 11 World Bank Institute, “The Importance of Stakeholder Ownership for Capacity Development Results” May 2011. 12 UNCATD, oc. cit.

P a g e 7

“Governments to

the Addis Ababa

Action Agenda

(AAAA), which is a

package of over 100

measures that draw

upon all sources of

finance, technology,

innovation, trade

and data”

Highlights of the Third International Conference on Financing for

Development

The international development community and Heads of States and Government converged

in Addis Ababa, Federal Democratic Republic of Ethiopia during July 13-16, 2015, for the

Third International Conference on Financing for Development (FfD3). The primary

objective of FfD3 was to agree on a broad framework that would guide the financing of the

ambitious Sustainable Development Goals (SDGs) that were adopted at the 70th United

Nations General Assembly on September 27, 2015. The Conference was attended by 24

Heads of State and Government and Deputies, and more than 100 Ministers of Finance,

Foreign Affairs and other high ranking Government officials from 174 countries. The

Conference delegates also included non-Government stakeholders such as financial and

trade institutions, Civil Society Organizations (CSOs) and business representatives, bringing

the total number of conference delegates to more than 11,000.

The Conference set a positive tone for the adoption of the SDGs, with the agreement by

Governments to the Addis Ababa Action Agenda (AAAA), which is a package of over 100

measures that draw upon all sources of finance, technology, innovation, trade and data.

Further, FfD3, marked the beginning of partnerships on various issues among various

stakeholders in the development community.

1. The Addis Ababa Action Agenda

Under the AAAA, countries committed to a new social compact to enhance international tax

cooperation to assist in raising domestic resources; promote private business and finance;

enhance the effectiveness of development cooperation; and facilitate international trade as a

tool for development. They also committed to the promotion of debt sustainability, among

other economic policy issues.

A) Domestic Public Resources

In recognizing domestic resources as the primary source for development financing,

Governments committed to enhance revenue administration through modernized,

progressive tax systems, improved tax policy and more efficient tax collection. They also

pledged to redouble their efforts to substantially reduce illicit financial flows by 2030 by

ensuring that companies pay taxes in the countries, where economic activity occurs and

value is created. They further agreed to enhance the operating framework of the Committee

on International Cooperation on Tax Matters by strengthening its engagement with

Economic and Social Council.

B) Domestic and International Private Business and Finance

To attract active participation of the private sector to development, Governments pledged to

continue to promote and create enabling domestic and international conditions for inclusive

and sustainable private sector investment, with transparent and stable rules and standards

and free and fair competition. As regards to support to Micro, Small, and Medium-size

Enterprises (MSMEs), commitment was made to strengthen the capacity of financial

institutions to undertake cost-effective credit evaluation, including public training

programs.

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 8

C) International Development Cooperation

Providers of Official Development Assistance (ODA) reaffirmed their respective commitments, including the commitment to achieve the target of 0.7 per cent of ODA/GNI and 0.15 to 0.20 per cent of ODA/GNI to least developed countries. As regards South-South and North-South cooperation, commitment was made to strengthening triangular cooperation as a means of bringing relevant experience and expertise to bear in development partnerships.

To improve the effectiveness of development cooperation, commitment was made to align activities with national priorities, accelerating the untying of aid, particularly for Least Developed Countries (LDCs) and countries most in need. They pledged to make development flows more predictable by providing regular and timely indicative information on planned support.

D) International Trade as an Engine for Development

Recognizing that international trade and investment offers important opportunities for inclusive growth and sustainable development, Governments pledged to strengthen domestic enabling environments and implement sound domestic policies and reforms conducive to realizing the potential of trade.

E) Debt and Debt Sustainability

As regards to debt sustainability, they committed to continue to support the remaining HIPC-eligible countries that are working to complete the HIPC process, and to explore initiatives to support non-HIPC countries on a case-by-case basis. They also agreed to work towards a global consensus on guidelines for debtor and creditor responsibilities in issuances of sovereigns bonds.

F) Science, Technology, Innovation and Capacity-Building

Governments committed to promote the development and use of information and communications technology infrastructure, as well as capacity-building.

G) Addressing Systemic Issues

Lastly, they reiterated their commitments to address systemic issues, including broadening and strengthening the voice and participation of developing countries in international economic decision-making and norm-setting and global economic governance.

2. Historic Partnerships

Several partnerships were also launched at the FfD3. Notable alliances included the following:

International Financial Institutions Commit US$400 million: The World Bank Group (WBG), African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IADB), and International Monetary Fund (IMF), committed to provide more than $400 billion in financing over the next three years. They also committed to work in close collaboration with private and public sector partners to leverage their resources.

Tax Inspectors Without Borders (TIWB): Within the context of growing concerns

about the leakage of resources as illicit financial flows, the Organization for Economic

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 9

“To ensure a

strengthened follow

-up process at the

global level, the UN

Secretary-General

will convene an

inter-agency task

force to provide

annual reports on

progress in

implementing the

financing for

development

outcomes and the

means of

implementation of

the Post-2015

Development

Agenda”

Cooperation and Development (OECD) and the United Nations Development Programme

(UNDP) launched the Tax Inspectors Without Borders (TIWB) project as a new initiative to

help developing countries improve domestic revenues by strengthening their tax audit

capacities. Tax audit experts will work alongside local officials of developing country tax

administrations to help strengthen tax audit capacities, including issues concerning

international tax matters.

Global Financing Facility (GFF): The United Nations, the WBG, and the

Governments of Canada, Norway and the United States launched the Global Financing

Facility (GFF), a key financing platform in support of the United Nations’ Global

Strategy for Women’s, Children’s and Adolescents’ Health and the Sustainable

Development Goals. About $12 billion in domestic and international, private and public

funding has been aligned for support in the Democratic Republic of the Congo, Federal

Democratic Republic of Ethiopia, Republic of Kenya and United Republic of Tanzania.

The next group of eight countries to benefit are: Republic of Bangladesh, Republic of

Cameroon, Republic of India, Republic of Liberia, Republic of Mozambique, Republic

of Nigeria, Republic of Senegal and Republic of Uganda.

3. Follow-up On FfD3

To ensure a strengthened follow-up process at the global level, the UN Secretary-General

will convene an inter-agency task force to provide annual reports on progress in

implementing the financing for development outcomes and the means of implementation

of the Post-2015 Development Agenda. The Fourth International Conference on

Development Financing will be held in 2019.

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 1 0

Highlights of the 2015 African Caucus Meeting

The 2015 African Caucus Meeting held in Luanda, Republic of Angola on August 27-28,

2015 was officially opened by His Excellency Mr. Manuel Vicente, Vice President of the

Republic of Angola. Under the chairmanship of Honorable Armando Manuel, World Bank

Group (WBG) and International Monetary Fund (IMF) Governor of the Republic of Angola

and Minister of Finance, several Finance Ministers and Central Bank Governors, or their

representatives, from the African continent participated in this year’s event. High profile

special guests included the former President of the Republic of South Africa, His Excellency

Mr. Thabo Mbeki and His Excellency Mr. Lionel Zinsou, the Prime Minister of the Republic

of Benin, who also holds the portfolio of Economic Development, Public Policy Evaluation,

and Promotion of Good Governance.

The Meeting focused primarily on sustainable development finance. This follows an earlier

International Conference on Sustainable Development Finance held in Addis Ababa, Federal

Democratic Republic of Ethiopia in July 2015, where most African countries participated. In

the first part of the program, several comprehensive presentations were made by

distinguished guest speakers. They explored topics on domestic and international financing

options available to African countries. Leading this discussion was a ground breaking

research by the Economic Commission for Africa (ECA) and Africa Union (AU) High Level

Panel, whose findings in a paper titled “Illicit Financial Flows from Africa” was presented to

the Caucus by His Excellency Mr. Thabo Mbeki. In his presentation H.E President Mbeki

informed Governors that Africa was losing annually about US$50billion through illicit

financial transactions, which could have been used to finance infrastructure development on

the continent. He called upon African Governments to implement more robust regulatory

frameworks and greater financial transparency and governance system. In his presentation,

he challenged Western countries to help stem these illicit flows by instituting appropriate

laws and financial standards. He also demanded greater transparency and accountability by

firms and individuals dealing with Africa.

The World Bank and IMF representatives presented papers covering different aspects of

development finance and the role the Bretton Woods Institutions (BWIs) could play as

important sources of finance for a majority of Low-Income Countries (LICs). Mr. Joachim

Von Amsberg, Vice President, Development Finance, World Bank Group (WBG) presented a

paper on “Financing Options for IDA”, which was followed by a panel discussion on “Private

- Public-Partnerships (PPPs): Solutions for Africa’s Infrastructural Challenges”. Panelists

were drawn from the WBG, African Development Bank (AfDB), and delegates from Republic

of Mozambique, and Republic of Senegal. It became evident from these discussions that

Africa can use its assets to leverage for more financial resources.

Governors were also briefed on the on-going consultations on WBG proposed 2nd Draft on

“Environmental and Social Safeguards Standards (ESS)”. Governors, once again, reiterated

their earlier objection to the use of “Indigenous People” terminology in the framework

document. They considered this terminology as unacceptable and offensive in the context of

African development. They urged WBG to come up with a more acceptable language.

Governors were also briefed on the transformative energy and agriculture projects in Africa.

In their interventions, they encouraged the Bank to speed up the implementation of these

projects.

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 1 1

Governors also discussed the draft 2015 Memorandum to be submitted to the heads of the BWIs

in the margins of 2015 IMF/WBG Annual Meetings in Lima, Peru. In concluding the Caucus

Meeting the Luanda Declaration was issued. Governors unanimously agreed to the proposal of

the Governor of the Republic of Benin to host the 2016 African Caucus Meeting.

A F R I C A G R O U P I C O N S T I T U E N C Y

Picture 1

Picture 1:

African Governors

at the 2015 African

Caucus Meeting

held in Luanda,

Republic of Angola

P a g e 1 2

A F R I C A G R O U P I C O N S T I T U E N C Y

2015 AFRICA CAUCUS

LUANDA DECLARATION

Having met in Luanda, the Republic of Angola, at our 2015 Caucus, hosted and chaired by Honorable Armando Manuel, Minister of Finance of the Republic of Angola and Chairman of the African Caucus of the International Monetary Fund (IMF) and the World Bank Group (WBG):

We, the African Governors of the IMF and the WBG discussed ways and means the Bretton Woods Institutions (BWIs) can support our efforts to: (i) address the challenge of financing for sustainable development; (ii) combat tax evasion and eliminate illicit financial flows; (iii) invest in economic transformation and diversification; (iv) finance regional transformative infrastructure projects; and (v) enhance African voice and representation in the BWIs.

IN THIS CONTEXT

Mindful that the world’s increasingly volatile financial outlook means that finding the money to pay for the Sustainable Development Goals (SDGs) will be difficult, and conscious that without the right financing and policies, we cannot achieve the set ambitions:

We submitted for support by the BWIs transformative solutions and actions - including strengthening public policies, harmonizing regulatory frameworks, developing public/private partnerships (PPPs), improving business climate, and restructuring sovereign debt - to unlock the potential of people and the private sector and incentivize changes in financing, consumption and production patterns in support of sustainable development.

Acknowledging that illicit financial flows coupled with aggressive tax avoidance, repatriation of profits and debt repayments are tragically depriving our countries of hundreds of billions of dollars every year; and convinced that domestic resources that our countries can raise themselves will be our largest single resource for funding our countries’ development:

We proposed some focus areas where BWIs' assistance could help our countries to raise new development finance through domestic resource mobilization by increasing, inter alia, tax collection, private finance, international public finance; and, in particular, reducing illicit financial flows by 2030, with a view to eventually eliminate them, including through trade, monetary and financial systems, strengthened global economic governance, and improved international tax cooperation.

Underscoring that natural resource wealth presents vast opportunities for development; conscious that our countries that depend on it for export earnings and fiscal revenues face peculiar challenges and remain highly vulnerable to various external shocks; and concerned that more than two decades since the start of diversification programs, the lack of well-designed diversification strategies and inadequate monitoring mechanisms have not helped facilitate economic and export diversifications for Africa’s transformation:

P a g e 1 3

We suggested few actions that the BWIs could undertake in support of our countries to achieve

economic and export diversification by spurring innovation and technologies in higher-value

sectors - including agriculture, infrastructure, energy, manufacturing, data improvement, and

capacity building - to unleash the spirit of entrepreneurship and drive Africa’s transformation.

Reaffirming that infrastructure development remains a key driver and a critical enabler for

sustainable growth in Africa; expressing concern on the inadequacy of current international

funding and delivery architecture in responding to Africa's infrastructure needs; noting that the

current favorable economic landscape in the continent provides us with a unique opportunity to

collectively address regional transformative infrastructure financing with a sense of urgency:

We proposed for Bank's support six regional transformative projects in energy and agriculture

sectors; as well as a few innovative solutions to reduce Africa's growing infrastructure financing

gap. We also called for BWIs' financial contributions into the African Development Bank's

(AfDB) Africa50 initiative to unblock the challenges associated with infrastructure project

preparation, bankability, and financial structuring as key prerequisites for attracting private

capital investments.

Reemphasizing the critical importance and urgency of increasing Africa’s voice

and representation within the BWIs:

We reiterated our position that the size of the IMF Executive Board be aligned with the

institution’s growing mandate and renewed our longstanding commitment to a third chair for

Sub-Saharan Africa. We recalled the commitment of the Fund membership to complete the

comprehensive review of the quota formula by January 2013, and our position for enhanced

Africa's representation through quota shares that reflect our economic dynamism and

underlying vulnerabilities. We agreed to maintain a concerted dialogue with the leadership at

the IMF and the Bank to enhance the representation of African nationals and effectively

promote their career development within the agreed institutional goals of diversity and mobility

at all levels of staff.

FINALLY

Cognizant that IDA is and should continue to be the most important source of funding in

achieving ambitious SDGs targets:

We renewed our support to the WBG’s new financing initiatives to facilitate the transition from

concessional to non-concessional funding, as well as the ongoing discussion of options to

increase the resources available for development finance through IDA. We stand ready to be

consulted on options that would be identified.

ACKNOWLEDGEMENT

We, African Governors, thank His Excellency President José Eduardo dos Santos, the Government

and the People of the Republic of Angola, for the hospitality and support they accorded us

throughout our stay in the country.

Luanda, August 28, 2015

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 1 4

Highlights of the Executive Director’s Outreach Visit to

Constituency Countries

The Executive Director (ED), Mr. Louis René Peter Larose continued his official visits to

Constituency countries over the period June 29, 2015 – July 8, 2015. This time, he visited

the Republic of South Sudan, the Republic of Zambia and the Republic of Botswana. He was

accompanied by his Senior Advisor, Mr. Felleke Mammo, to the Republic of South Sudan

and Advisor, Mr. Chola Milambo to the Republic of Botswana and the Republic of Zambia.

The main purpose of the visits was, as usual, to forge stronger relations with the authorities,

which would enhance his representation of the countries at the Executive Boards. He

generally discussed the respective countries development agendas, challenges, opportunities

and their engagements with the WBG’s Management.

Brief highlights of the visits are provided as follows.

Republic of South Sudan (June 29 -30, 2015)

In the Republic of South Sudan (RSS), the ED held a series of meetings with senior officials

and other representatives of the Government. The Government’s officials authorities were

Hon. David Deng Athorbei, Minister of Finance, Commerce, Investment and Economic

Planning (MoFCIEP) and World Bank Governor for the RSS, Hon. Rebecca Joshua

Okwachi, Minister of Telecommunications & Postal Services, Ms. Mary Jervase Yak, Deputy

Minister of MoFCIEP, Eng. Raymond Pitia Morbe, Under-Secretary for the Ministry

Transport, Roads and Bridges, Mr. Michael Lopuke Lotyam, Under-Secretary for the

Ministry of Education Science and Technology, and other Government officials representing

various Government Ministries and agencies in charge of the economic and social sectors,

including agriculture, education, energy, finance, infrastructure, and rural development.

The ED also met with the WBG Country Manager for the RSS, Mr. Nicola Pontara, together

with the staff of both the World Bank and IFC.

During the discussions, the authorities expressed their appreciation for the WBG’s

continued engagement, while the country faced difficult situations. They observed that this

tendency was not typical of some other development partners. That notwithstanding, they,

in general, expressed their frustration with the very slow pace of the Bank’s response to the

country’s needs. In this regard, they referred to the Government’s preferred priority areas of

engagement with the Bank in agriculture and infrastructure (i.e., roads, power, river

transport), which they said were previously presented to the Bank’s management and staff.

They spoke of the country’s severely constrained financial situation and requested the ED’s

support for “direct budget support” so as to help the country withstand the current and

emerging challenges in the economic and social sectors, which are already exacerbated by

the worsening security situation.

In response, the ED expressed his concern about the security situation in the Republic of

South Sudan and its detriment to development efforts. He also expressed his hopes for the

evolving peace efforts and promised that he would do his best for the WBG to remain

engaged with the South Sudanese authorities.

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 1 5

Republic of Zambia (July 1-4, 2015)

In the Republic of Zambia, the ED held discussions with Honorable Alexander B.

Chikwanda, WBG Governor and Minister of Finance; Dr. Denny H. Kalyalya, Governor of

the Bank of Zambia; and Brig. Gen. Emeldah Chola (Rtd.), Permanent Secretary in the

Ministry of Mines, Energy and Water Development. The ED also met with the Mr. Francis

Grogan, Chief Executive Officer of Zambeef Plc; Mr. Robert Kamanga, the Deputy

Managing Director of China Nonferrous Metal Mining (CNMC); and with representatives

of the private sector. In addition, the ED attended the official opening of the 51st

International Trade Fair.

Discussions with the Zambian authorities centered on the economic headwinds that the

economy was facing in the wake of a decline of the price of the country’s key export,

copper, and the unanticipated budget implications. Discussions also focused on

disruptions in the supply of energy that had resulted from an irregular rainy season. The

ED was informed that as a response to the energy crisis, the Government embarked on an

exercise to diversify the energy mix of the country. The Zambian authorities called on the

WBG to ramp up assistance in capacity building in various areas, including the energy and

financial sectors. On his part, the ED committed to continue his advocacy for effective

support to boosting energy supply in Constituency countries such as the Republic of

Zambia, with great potential, but are facing severe energy deficits.

Deliberations with the executives of Zambeef Plc., and CNMC largely focused on

difficulties relating to the power cuts that had been applied across all sectors of the

economy. Zambeef Plc, is the single largest consumer of energy outside the mining sector.

The CEO of the company noted that some of its production lines had been scaled down by

as much as 20 percent as a result of erratic supply of electricity. CNMC, the main

economic enterprise in the town of Luanshya, is faced with a confluence of challenges

including the decline of copper content in the ore, low copper prices and reduction in

operational capacity due to energy supply restrictions.

A cross-cutting issue that emerged from the ED’s visit to the Republic of Zambia was the

need for capacity building in various Government agencies. The ED committed to follow

up on this matter and to encourage WBG’s senior management to visit the country.

A F R I C A G R O U P I C O N S T I T U E N C Y

P a g e 1 6

Picture 2:

WBG Governor for

Zambia, Hon.

Alexander B.

Chikwanda , PS for

Ministry of Finance, Dr.

Ronald Simwinga and

Mr. Peter Larose,

Executive Director

Picture 3:

Mr. Peter Larose, ED,

with Zambeef CEO, Mr.

Francis Grogan and

Farm Manager Mr.

Francis Mondoloka

Picture 4:

Mr. Peter Larose, ED

with representatives of

the private sector on

Zambia

Picture 5:

Governor of the Central

Bank, Mr. Denny

Kalyalya, Deputy

Governor Dr. Bwalya

Ngandu and Mr. Peter

Larose, ED

A F R I C A G R O U P I C O N S T I T U E N C Y

Picture 2

Picture 3

Picture 4

Picture 5

P a g e 1 7

Picture 6:

WBG Governor for

Botswana Hon.

Kenneth O. Matambo

and Mr. Peter Larose,

Executive Director

Republic of Botswana (July 5-8, 2015)

In the Republic of Botswana, the ED met with Honorable Kenneth O. Matambo, WBG

Governor and Minister of Finance and Development Planning; Ms. Linah K. Mohohlo,

Governor of the Bank of Botswana; Mr. Uttum Corea, Director General of the National

Strategy Office and senior Government officials from selected line Ministries. He also met

with representatives of the private sector.

Discussions with the authorities focused mainly on challenges that the country was facing in

securing external assistance as a Middle-Income Country (MIC). The ED was informed that

despite the strides the country has made, it remains vulnerable to the volatility in

international diamond prices, struggles with high youth unemployment, shortages in power

and a high poverty rate. The authorities indicated that the country was also experiencing a

drought season that had warranted unanticipated budget reallocation to mitigate the impact

on farmers and local communities. The authorities acknowledged that the WBG was indeed

a Knowledge Bank and expressed appreciation for the services that the country was receiving

through the Reimbursable Advisory Services (RAS). However, they called on the WBG to

assist in building capacity in several areas, to formulate a strategy for MICs and enhance the

involvement of the International Finance Corporation (IFC) in the economy.

The ED reiterated his commitment to follow up on his call for the WBG to formulate a

strategy that would effectively address the development needs of MICs. He also pledged to

call on IFC to be more engaged in the country and to encourage members of the WBG’s

senior management to visit Botswana. The ED further encouraged the authorities to seek

budget support to mitigate the fiscal effects of the drought.

The representatives of the private sector met with the ED. They noted that the country had

earned a reputation for prudent macroeconomic management and that good structures exist

for public-private collaboration at the highest level. They, however, pointed out that a major

challenge of the country is its transition from a mining-led growth, through diversification,

to a service-based economy.

A F R I C A G R O U P I C O N S T I T U E N C Y

Picture 6

P a g e 1 8

Snapshot of Approved Projects (July—September, 2015)

A F R I C A G R O U P I C O N S T I T U E N C Y

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P a g e 1 9

A F R I C A G R O U P I C O N S T I T U E N C Y

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P a g e 2 0

AfG1 Constituency – Pipeline Projects, October 2015 – February 2016

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P a g e 2 3

AFRICA GROUP I CONSTITUENCY

List of Governors and Alternate Governors

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P a g e 2 7

Upcoming Meetings/Events

WBG/IMG Annual Meetings 2015, Lima, Peru (October 9-11, 2015)

United Nations Climate Change Conference (COP21), Paris, France (November 30—December 11, 2015)

A F R I C A G R O U P I C O N S T I T U E N C Y

AFRICA GROUP I CONSTITUENCY

A newsletter from the Office of the Executive Director

Volume 1, Issue 3 - 3rd Quarter, 2015

For Electronic or hard copies:

Telephone: (202) 458-2105

Facsimile: (202) 522-1549

E-mail: mahmed8@worldbank.org

Website: http://www.worldbank.org/eds14